The U.S. market remains in a Confirmed Uptrend. S&P 500 advanced for a ninth consecutive week, gaining 0.3%, while the Nasdaq paused after eight weeks of gains, trading just slightly lower. Immediate support for the indices is seen along their respective 10-DMA (4,754/14,975), followed by the 21-DMA (4,686/14,714). The S&P 500 has resistance near January 2022 high of ~4,800, while the Nasdaq has resistance near the 15,320 level. Indices each picked up a fourth distribution day on Friday. The distribution day count for both indices is four, with one set to expire on the S&P 500 next week.
Tag: Confirmed Uptrend
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and the Nasdaq rose for the eighth consecutive week despite
briefly pulling back and testing support at the 10-DMA (4,707/14,787). The S&P 500 is approaching resistance near ~4,800 (+1%) or
all-time highs, while the Nasdaq is testing resistance near the 15,320 (+2%) level. The distribution day count for both indices remains
at three.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 rose 2.5% for a seventh week of gains, breaking through July 2023 resistance and clearly into 52-week highs. It is a bit extended short-term as it nears the next potential resistance level from its January 2022 peak (4,749). The Nasdaq also rose for a seventh week (+2.8%), clearing above both July 2023 and March 2022 peaks. Next resistance is its January 2022 peak (15,319). Immediate support for S&P 500 and Nasdaq is their respective 10-DMA (4,628/14,457), followed by the 21-DMA (4,582/14,312). The distribution day count is down to two each, from three to start the week.
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 is testing July highs (4,607) while the Nasdaq is consolidating below its July resistance level (14,447). The first level of support is at the 10-DMA (4,566/14,251), followed by the rising 21-DMA (4,519/14,093). Both indices added one distribution day this week, increasing the count to three on each index.
O’Neil Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq are consolidating below resistance near the July highs (4,607/14,447). The first level of support is at the rising 10-DMA (4,543/14,191), followed by the 21-DMA (4,483/13,983). The distribution day count is at two on each index.
O’Neil Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq advanced 1.0% and 0.9% over four trading days, rising for a fourth consecutive week. The S&P 500 is around 1% below resistance from its July peak (4,607), while first support is the rising 10-DMA (4,505). The Nasdaq is 1.4% below July highs (14,442) and 1% above the rising 10-DMA (14,100). The distribution day count on both indices remains at one. Over the last five sessions, Health Care (+2.1%), Transportation (+1.5%) and Consumer Staple (+1.3%) are leading, while Capital Equipment (+0.5%), Utility (+0.4%), and Energy (+0.2%) are lagging.
Market View
The U.S. market remains in a Confirmed Uptrend. Both the S&P 500 and Nasdaq 100 were up more than 2% for the week, adding to gain post follow-through days two weeks prior. The S&P 500 is 3.1% above short-term support at the rising 21-DMA (4,379) as it tests resistance from the September peak (4,541). The Nasdaq is 3.9% above the rising 21-DMA (13,610) as it also tests early-September resistance (14,150). The distribution day count on both indices remains at one.
Market View
The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq continue to consolidate constructively above their 50-DMA (S&P 500: 4,338, Nasdaq: 13,401) support despite each index picking up a distribution day in the process. Indices jumped higher on Friday, as the Nasdaq has regained and is attempting to hold above its 100-DMA (13,618) while the S&P 500 is testing 100-DMA (4,403) resistance.
Market View
The U.S. market was upgraded to a Confirmed Uptrend. The S&P 500 and Nasdaq each staged a follow-through day this week and remain under heavy accumulation. Each index has cleared multiple levels of resistance including its 50-DMA ( S&P 500: 4,348; Nasdaq: 13,425), which now is a level of short-term support. The next level of resistance is near the 100-DMA (S&P 500: 4,403; Nasdaq: 13,620).
Market View
The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq gave back gains from early in the week and closed back below its 50-DMA (4,483/13,881).The market status will shift to an Uptrend Under Pressure should indices close below the follow-through day low (4,432/13,677). The distribution day count stands at four and three respectively.
Utility outperformed all sectors by a wide margin after rising 2.8% this week. Consumer Cyclical, Transportation, and Basic Material rose ~1% while the remaining sectors were relatively flat. Technology lagged significantly and declined 1.6%.
